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Globus Medical, NuVasive complete merger

Globus Medical (NYSE: GMED) + and Nuvasive today announced the completion of their previously announced merger.

The news sent GMED shares down more than 1% to $53.30 apiece by midday today, while MassDevice‘s MedTech 100 Index was up slightly.

Truist analysts cited investor fears over the deal causing near-term business disruptions. Globus Medical officials plan to discuss the closing of the merger and its potential benefits during the company’s third-quarter earnings call in November.

Richard Newitter, Samuel Brodovsky and Lin Zhang at Truist said: “Spine mergers historically have tended to be messy and often involve more disruption than parties originally anticipated. It’s possible ‘this time will be different’ — GMED is an exceptional company with a strong history of stellar execution — but we are not ready to make that call.”

The combined company is the world’…

The 10 largest orthopedic device companies in the world

The goal of Stryker’s Mako robotic-arm assisted surgery is to provide more predictable outcomes. [Image courtesy of Stryker]

Two of the world’s largest orthopedic device companies expect accelerated revenue growth this year.

Stryker and Zimmer Biomet both upped their 2023 guidance during recent earnings calls, a sign that orthopedic procedures are bouncing back from the COVID-19 pandemic.

GlobalData predicted earlier this year that the recovery will lift the ortho devices market to nearly $50 billion this year. The question is whether companies can continue the momentum. Stryker and ZB are betting on innovation, building arrays of products and services around their surgical robotics systems and surgical planning and digital health tools.

During Zimmer Biomet’s second-quarter earnings call, CEO Bryan Hanson noted that ZB has 40 planned product launches between this year and the end of 2025, the …

The 10 largest orthopedic device companies in the world

The goal of Stryker’s Mako robotic-arm assisted surgery is to provide more predictable outcomes. [Image courtesy of Stryker] Two of the world’s largest orthopedic device companies expect accelerated revenue growth this year.

Stryker (NYSE: SYK) + and Zimmer Biomet (NYSE: ZBH) + both upped their 2023 guidance during recent earnings calls, a sign that orthopedic procedures are bouncing back from the COVID-19 pandemic.

GlobalData predicted earlier this year that the recovery will lift the ortho devices market to nearly $50 billion this year. The question is whether companies can continue the momentum. Stryker and ZB are betting on innovation, building arrays of products and services around their surgical robotics systems and surgical planning and digital health tools.

During Zimmer Biomet’s second-quarter earnings call, CEO Bryan Hanson noted that ZB has 40 planned product …

Globus Medical beats The Street in Q2 as it prepares for spine tech merger

Globus Medical (NYSE: GMED) reported second-quarter results that beat analyst expectations, upping its full-year sales guidance as it prepares to merge with NuVasive.

The news yesterday evening came a day after NuVasive reported mixed results heading into the merger, which would create the world’s second-largest spine tech company after Medtronic. The CEOs of both Globus Medical and NuVasive, in their respective earnings calls, stuck by their plans to complete the merger in the present quarter.

Globus Medical CEO Dan Scavilla told analysts that the only step that the companies still needed to complete involved responding to the second request for information that they received from the U.S. Federal Trade Commission in May. Under the Biden administration, the FTC has taken a more aggressive stance in enforcing U.S. antitrust regulations, including in the medical device industry.

“We remain fully committed to the merger, and our expected Q3 …

NuVasive reports mixed Q2 results ahead of expected merger with Globus Medical

NuVasive (Nasdaq: NUVA) + officials still plan to close the spine tech company’s merger with Globus Medical in the present quarter, despite the FTC scrutiny.

Along with reporting mixed second-quarter results, NuVasive CEO Chris Barry yesterday evening stuck by plans to merge with Globus Medical in the third quarter and create what would be the second-largest spine tech company in the world behind Medtronic. Barry noted that shareholders of both companies overwhelmingly approved the deal in April. Globus shareholders would own about three-fourths of the new company created from the merger.

However, the Federal Trade Commission in May requested additional information about the deal as it scrutinized whether it would harmfully reduce competition in the spine technology space. Based on the progress Barry saw in NuVasive’s response to the FTC’s second request, he said there would be no backing off on the d…

NuVasive, Globus Medical shareholders approve merger

NuVasive (Nasdaq:NUVA) and Globus Medical (NYSE:GMED) both saw shareholders approve their proposed merger yesterday.

In February, the companies announced an agreement to combine in an all-stock transaction. The deal values NuVasive at $3.1 billion, with Globus shareholders owning roughly three-fourths of the newly merged company.

BTIG analysts raised the question of potential anti-trust challenges for the deal. Such a merger would create the second-largest spine tech company behind Medtronic.

Both companies held separate special meetings of shareholders yesterday, April 27. NuVasive shareholders voted to approve the adoption of the merger, which sees them receive 0.75 of a share of Globus Medical Class A common stock for each share of NuVasive common stock owned at closing.

NuVasive and Globus expect the proposed merger to close after clearance from regulatory authorities and other customary closing conditions. At that time, they expect NuVasive s…

NuVasive expands indications of limb lengthening system to include pediatrics

NuVasive this week announced it received FDA 510(k) clearance for the use of its Precice all-internal limb lengthening solution for pediatric patients.

Precice is a magnetically adjustable technology that uses an external remote to non-invasively lengthen implants. The system’s nail has been implanted more than 15,000 times by more than 2,000 surgeons.

“Precice has over a decade’s worth of clinical data and has truly changed the standard of care for my patients,” said Dr. John Herzenberg, director of pediatric orthopedics at Sinai Hospital. “This new indication is significant for my practice as the majority of my patients are under the age of 18, and it provides me with the assurance I need to offer Precice as a pediatric LLD solution.”

The company plans to further its ability to treat the full continuum of care with intelligent surgery.

“Everyone faced with limb length discrepancy (LLD), especially pediat…

Medtech jobs: The world’s largest medical device companies are hiring

Medical device companies are trying to fill thousand of medtech jobs. [Photo by ijeab – stock.adobe.com]

The world’s largest medical device companies are still hiring for medtech jobs despite layoffs in tech and other industries.

Medtech developers — and medtech jobs — are resilient, with the industry’s COVID-19 pandemic performance only bolstering its recession-proof reputation.

That’s not to say there haven’t been job cuts in medtech, led by thousands of layoffs at Philips as it struggles with a massive recall of deadly respiratory devices. But most medical device manufacturers are still hiring, and in some cases they can’t attract enough candidates to fill every vacancy in a tight labor market.

Stryker, for example, grew to approximately 51,000 employees as of the end of 2022, increasing its headcount by nearly 11 percent last year. Boston Scientific reported nearl…

NuVasive misses overall estimates on Wall Street

Nuvasive (Nasdaq:NUVA) this week posted fourth-quarter results that missed overall estimates on Wall Street.

The San Diego-based orthopedic company reported profits of $24.1 million, or 42¢ per share, on sales of $305.5 million, for the three months ended Dec. 31, 2022, on sales growth of 1.12% compared to Q4 2021. It also had a profit gain over the same period when it reported $36.7 million in losses.

Adjusted to exclude one-time items, earnings per share were 43¢, 8¢ behind The Street, where analysts were looking for sales of $311.01 million.

“Looking back at 2022, I am proud of our team for delivering another year of above-market, net sales growth,” CEO Chris Barry said in a news release. “Looking ahead, I couldn’t be more excited to join forces with Globus Medical to create a leading, global musculoskeletal technology company. Our complementary commercial organizations and product portfolios make a strong financial profile and value creation opportun…

FDA clears expanded use for NuVasive C360 portfolio

NuVasive (Nasdaq:NUVA) announced today that it received FDA 510(k) clearance for use of its Modulus Cervical interbody implant with a bone void filler.

The expanded indication creates new offerings in the cervical segment to surgeons and hospitals. It also further enhances the company’s C360 portfolio, according to a news release.

“We believe that delivering differentiated procedural solutions that are clinically and economically advantageous is of paramount importance,” said Ryan Donahoe, NuVasive CTO. “This clearance represents a significant milestone towards that goal, expanding our advanced materials combination of Modulus and Attrax Putty to our cervical interbody within the C360 portfolio.”

NuVasive’s Attrax Putty received FDA clearance for use in thoracolumbar interbody fusion spacers last year. In doing so, it became the first synthetic bone graft substitute to receive such clearance.

Subsequently publis…

Could 2023 be a boom year for orthopedic devices?

The goal of Stryker’s Mako robotic-arm assisted surgery is to provide more predictable outcomes. [Image courtesy of Stryker]The orthopedic devices market is expected to reach nearly $50 billion this year as procedures bounce back from COVID-19, according to GlobalData.

GlobalData predicts the orthopedic surgical robotics space will be even hotter this year, growing 25.6% year-over-year to $984 million.

“Boosted by artificial intelligence (AI) and machine learning, new generations of orthopedic robots are expected to further improve clinical outcomes. Unlike the general surgery robotics market — which is dominated by only one company, Intuitive Surgical — all major orthopedic manufacturers are competing in the orthopedic robotics market,” Tina Deng, principal medical devices analyst at GlobalData, said in a news release posted Feb. 1.

In addition, Global Data noted that the pandemic has accelerated the shift of procedures to outpatient or ambulat…

Globus Medical, NuVasive to merge to form global musculoskeletal company

Globus Medical (NYSE:GMED) and NuVasive (Nasdaq:NUVA) today announced an agreement to combine in an all-stock transaction.

The two musculoskeletal technology companies share a vision focused on improving patient care, according to a news release.

Under the terms of the agreement — which both companies’ boards unanimously approved — NuVasive shareholders receive 0.75 of a share of Globus Class A common stock for each share of NuVasive common stock owned at closing. Based on the exchange ratio, the implied share price for NuVasive totals $57.72. That amounts to an equity value of $3.1 billion.

Following the closing of the transaction, 28% of ownership goes to NuVasive shareholders. Meanwhile, the remaining 72% belongs to Globus shareholders on a fully diluted basis.

NuVasive CEO Chris Barry said the companies share “complementary capabilities, geographic footprints and customer bases.”

“This transaction reflects our mi…